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Home values are down 11% from their pre-meltdown peak in 2007, and $1 million doesn’t go nearly as far as it used to, according to Zillow’s (Z) number crunchers.

At the height of the housing market the median $1 million home was 2,730 square feet. Today it is 2,629 square feet, down nearly 4% from 2007, according to a Zillow analysis. On a local level, this trend is playing out in 30 of the 50 largest U.S. metro areas.

Among the 50 largest metros analyzed by Zillow, million-dollar homes lost the most space in Providence, RI (-20.7%), New Orleans (-18.7%) and San Francisco (-13.6%). The median size of million-dollar homes rose the most in Las Vegas (18.3%), Orlando (16.9%) and Fresno, CA (14%).

Some other highlights from their findings include:

Currently, about 2.4% of all homes in the U.S. are worth $1 million or more.

The median size of a million dollar home today is just 2,629 square feet, down 4% from 2,730 square feet in 2007.

Among the 50 largest metros analyzed by Zillow, the median size of million-dollar homes rose the most in Las Vegas (18.3%) and dropped the most in Providence, RI (-20.7%).

The size of a “typical” million-dollar home is the smallest in San Jose (1,791 sq. ft.) and is the largest in Indianapolis (6,308 sq. ft.)

Trey Garrison is the Senior Financial Reporter for HousingWire.com. Trey has served as real estate editor for the Dallas Business Journal, and was one of the founding editors of D CEO Magazine. He has been an editor for D Magazine — considered among the best city magazines in the United States — and a contributor for Reason magazine.

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